Qsemble Capital Management LP Buys New Holdings in Best Buy Co., Inc. $BBY

Qsemble Capital Management LP bought a new stake in Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 74,636 shares of the technology retailer’s stock, valued at approximately $4,995,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Best Buy by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock valued at $1,623,409,000 after purchasing an additional 307,905 shares during the period. AQR Capital Management LLC increased its position in shares of Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock worth $525,120,000 after acquiring an additional 3,496,254 shares during the last quarter. Northern Trust Corp increased its holdings in Best Buy by 5.5% in the third quarter. Northern Trust Corp now owns 2,888,664 shares of the technology retailer’s stock valued at $218,441,000 after buying an additional 150,871 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Best Buy by 2.3% in the third quarter. Bank of New York Mellon Corp now owns 1,754,844 shares of the technology retailer’s stock valued at $132,701,000 after buying an additional 39,026 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in Best Buy by 0.3% in the third quarter. Legal & General Group Plc now owns 1,661,024 shares of the technology retailer’s stock valued at $125,607,000 after buying an additional 5,130 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Price Performance

Shares of BBY stock opened at $56.36 on Friday. The firm’s 50 day moving average price is $62.23 and its two-hundred day moving average price is $68.08. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. The stock has a market cap of $11.87 billion, a PE ratio of 11.18, a PEG ratio of 1.40 and a beta of 1.22. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $84.99.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.13. The company had revenue of $13.81 billion for the quarter, compared to analyst estimates of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period last year, the business posted $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, analysts forecast that Best Buy Co., Inc. will post 6.5 EPS for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 6.8%. This is a boost from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date was Tuesday, March 24th. Best Buy’s dividend payout ratio (DPR) is 76.19%.

Insider Buying and Selling at Best Buy

In related news, EVP Jason J. Bonfig sold 6,336 shares of the firm’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $405,630.72. Following the sale, the executive vice president directly owned 79,137 shares in the company, valued at $5,066,350.74. This trade represents a 7.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Corie S. Barry sold 42,869 shares of the firm’s stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the sale, the chief executive officer owned 523,138 shares in the company, valued at approximately $33,491,294.76. The trade was a 7.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 77,247 shares of company stock valued at $4,945,353 over the last quarter. 0.47% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on BBY. Truist Financial decreased their target price on Best Buy from $73.00 to $66.00 and set a “hold” rating for the company in a research note on Tuesday, March 3rd. Morgan Stanley cut their target price on shares of Best Buy from $76.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 4th. Wedbush boosted their price target on shares of Best Buy from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Telsey Advisory Group lowered their price target on shares of Best Buy from $95.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, March 4th. Finally, Piper Sandler reiterated a “buy” rating on shares of Best Buy in a report on Wednesday, March 4th. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $70.80.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.